SINGAPORE (May 23): DBS Vickers Securities is remaining positive on SATS with a “buy” call and target price of $5.44, on the belief that Changi Airport and regional aviation growth will continue to drive the gateway services provider’s long-term earnings growth.
This comes after SATS ended FY19 with earnings of $248.4 million, down 5% y-o-y due to the absence of one-off gains.
Operating profit nonetheless came in line with DBS’s expectations at $247 million due to better operating margins, while a higher final dividend per share (DPS) of 13 cents was also declared compared to 12 cents from the year before.
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